Question: Find $\left(\frac{1}{2}\right)^{4}$.
Explanation: Recall that $\left(\frac{a}{b}\right)^{n} = \frac{a^{n}}{b^{n}}$, so the expression is equivalent to $\frac{1^{4}}{2^{4}}=\frac{1}{2^{4}} = \boxed{\frac{1}{16}}.$